Lawyers of Adams Castle home buyers warned
Attorneys-at-law working on behalf of prospective homeowners in the upscale Adams Castle Estate project in Christ Church have been warned they could be legally answerable for damages if they fail to close the sale of a property within 90 days.
Legal counsel for the Adams Castle Estate, Barry Gale, QC, issued this warning today while speaking at the relaunch of the project at the Savannah Beach Hotel, Hastings,
Under the contract entered between the vendor and purchaser, prospective homeowners could benefit from discounts of between $50,000 and $75,000 if they close the deal within 90 days.
Gale said completing the transaction within the given time could also save attorneys some legal problems.
“The purchaser may turn around and take legal action against the bank. Lawyers are also liable if they sit down on the case. They are liable for the discount,” he explained.
The senior counsel complained that there were some attorneys who simply wasted time.
“Our experience has been that there are certain attorneys who have been more efficient than others. We have closed transactions in this development more speedily than I have seen closed in any other development in which we have been involved. However, there are some lots which have languished, the completion has simply languished and languished. This has arisen in spite of repeated follow-ups from our end,” he said.
“You would think that in a depressed economy that they would be keen on closing the transaction because that is when they get paid.”
Meanwhile, responding to a query on the large discounts being offered to clients and the slash in the price of the land, shareholder and director of the project, Elias Haloute, said: “Realistically, this is not a vibrant market at present. There are times in your life where you have to sit down, accept the wicket you are batting on and change your guard and bat differently. We offered value and we got response. We did not return to offer value, but greater value.
“The problem is not availability of funds in the banking system, but it is about the confidence that will drive the money out of the banks into investment opportunities,”
Haloute, who is one of Barbados’ leading businessmen, argued that developments such as the Adams Castle Estate were important to the economic health of the country.